Advanced Search

Taxation Laws Amendment Act (No. 2) 1993

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - TABLE OF PROVISIONS
TABLE OF PROVISIONS Section 1. Short title 2. Commencement PART 2-AMENDMENT OF THE FRINGE BENEFITS TAX ASSESSMENT ACT 1986 Division 1-Principal Act 3. Principal Act Division 2-Amendment relating to child care access 4. Exempt residual benefits 5. Application 6. Transitional (change of program name) PART 3-AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936 Division 1-Principal Act 7. Principal Act Division 2-Amendments to improve the readability of section 78 of the Principal Act( which deals with deductions for gifts, pensions etc.) Subdivision A-New Section 78 8. Repeal of section and substitution of new section: 78. Deductions for gifts, pensions etc. Subdivision B-Consequential amendment 9. Interpretation 10. Certain gifts not to be allowable deductions 11. Non-resident family trusts 12. Non-resident family trusts Sub-division C-Application of amendments 13. Application 14. Transitional-approvals and declarations etc. Division 3-Amendment relating to migration information 15. Officers to observe secrecy Division 4-Amendments relating to sevice with UN forces and other bodies 16. Income of certain persons serving with an armed force under the control of the United Nations 17. Exemption of pay and allowances of members of Defence Force serving in operational areas 18. Insertion of new sections: 23AD. Exemption of pay and allowances of Defence Force members performing certain overseas duty 23ADA. Exemption of pay and allowances of AFP members serving with the United Nations Transitional Authority in Cambodia 19. Rebates for members of Defence Force serving overseas Division 5-Development allowance 20. Subdivision not to apply to certain other property 21. Assets to which Part applies 22. Application Division 6-General investment allowance Subdivision A-Insertion of new Subdivision 23. Insertion of new Subdivision: Subdivision BA-General investment allowance 82AR. Object 82AS. How to work out entitlement etc. to general investment allowance 82AT. Change to main deduction provision 82AU. Change to dates 82AV. Change to section 82AC (limitation of deduction in case of leased property) 82AW. Changes to section 82AD (transfer of deductions) 82AX. Subdivision B object not applicable Subdivision B-Consequential amendments 24. Calculation of taxable income 25. Full-year deductions and partnership deductions 26. Calculation of depreciation 27. Limitation of deduction in case of leased property 28. Effect of application of Division on certain deductions etc. 29. Amendment of assessments Division 7-Amendments relating to foreign investment Subdivision A-Overriding subsection 96A(1) 30. Certain provisions not to apply in respect of interests in non-resident trust estates to which Part XI applies Subdivision B-Capital gains tax references to section 23AK 31. Capital gains and capital losses Subdivision C-FIF attribution account payments and CFC's 32. Interpretation 33. Additional notional exempt income-unlisted or listed country CFC 34. Insertion of new section: 607A. Grossed-up amount of a FIF attribution debit
Back to Top
Subdivision D-Trading stock 35. Definitions 36. Notional deducutions-expenditures in acquiring trading stock Subdivision E-Exclusion of dual residents 37. Taxpayers to whose interests in FIFs and FLPs this Part applies Subdivision F-Net income of partnerships and trusts 38. Insertion of new section: 39. Insertion of new section: 485A. Applying operative provision in working out net income of partnership or trust estate Subdivision G-Exempt non-portfolio dividends received by CFC 40. Reduction of foreign investment fund income because of interim dividend or interim distribution of trust income Subdivision H-Calculation method elections 41. Methods applicable in relation to a FIF 42. Procedure to be followed 43. Procedure to be followed Subdivision I-Certain foreign investment fund amount amendments 44. Step 1-calculation of foreign investment fund amount 45. Step 1-calculation of foreign investment fund amount Subdivision J-Foreign currency gains and losses 46. Step 1- calculation of foreign investment fund amount 47. Step 2-calculation of foreign investment fund income Subdivision K-Redemption price 48. How market value is ascertained Subdivision L-Recalculation of notional deduction for certain prescribed classes of property 49. Notional deductions-amortisation of expenditure in acquiring property Subdivision M-Reduction of FIF attribution debits 50. FIF attribution debit Subdivision N-Correction of sundry errors 51. Foreign tax if CFC has interest in FIF 52. Exemption 53. Exemption Division 8-Amendments relating to the payment of instalments by companies and certain trustees Subdivision A-Insertion of new Division 54. Insertion of new Division: Division 1C-Payment of instalments by companies and certain trustees Subdivision A-Interpretation 221AZH. Interpretation 221AZI. References to tax payable modified for years in which taxpayer had net capital gain Subdivision B-General rules for payment of instalments 221AZJ. Object of Division 221AZK. Liability to pay instalments 221AZL. Commissioner may waive or reduce instalment 221AZM. Instalments to be credited against current year's tax etc. Subdivision C-Calculating likely tax for current year 221AZN. General rule for calculating likely tax Subdivision D-Estimates of current year's tax 221AZO. Taxpayer may lodge estimates of current year's tax 221AZP. Penalty applies if estimate is too low 221AZQ. Refund of excessive instalment on downwards estimate 221AZR. Liability to pay an additional amount on upwards estimate Subdivision E-Miscellaneous 221AZS. Taxpayer must specify taxable income etc. in return 221AZT. Due date for payment of tax 221AZU. Avoidance schemes Subdivision B-Application and transitional 55. Interpretation 56. Application of new Division 1C 57. Penalty if taxpayer classified as large for 1994-95 year on basis of excessive estimate Subdivion C-Consequential amendments 58. Consequential amendments Division 9-Amendment of assessments 59. Amendment of assessments PART 4-AMENDMENT OF THE INCOME TAX ASSESSMENT AMENDMENT (FOREIGN INVESTMENT) ACT 1992 Division 1-Principal Act 60. Principal Act Division 2-Amendment relating to passive income 61. Passive income
Back to Top
PART 5-AMENDMENT OF THE INCOME TAX RATES ACT 1992 Division 1-Principal Act 62. Principal Act Division 2-Tax cuts for companies etc. - 1993-94 and later years 63. Rates of tax payable by companies 64. Rate of tax payable by trustees of corporate unit trusts 65. Rate of tax payable by trustees of public trading trusts 66. Rate of tax payable by trustee to whom subsection 98(3) of the Assessment Act applies 67. Application PART 6-AMENDMENT OF THE SALES TAX ASSESSMENT ACT 1992 Division 1-Principal Act 68. Principal Act Division 2-Amendments relating to contents of containers 69. Taxable dealing with goods that are the contents of a container 70. Schedule 1 71. Application SCHEDULE AMENDMENT OF ACTS TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - LONG TITLE
An Act to amend the law relating to taxation TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - PART 1 PART 1-PRELIMINARY
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - SECT 1 Short title
(Assented to 9 June 1993) 1. This Act may be cited as the Taxation Laws Amendment Act (No. 2) 1993. (Minister's second reading speech made in - House of Representatives on 5 May 1993 Senate on 18 May 1993) TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - SECT 2 Commencement
2.(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent. (2) Divisions 1 and 7 of Part 3, and Part 4, are taken to have commenced immediately after the commencement of the Income Tax Assessment Amendment (Foreign Investment) Act 1992. TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - PART 2 PART 2-AMENDMENT OF THE FRINGE BENEFITS TAX ASSESSMENT ACT 1986
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - DIVISION 1 Division 1-Principal Act
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - SECT 3 Principal Act
3. In this Part, "Principal Act" means the Fringe Benefits Tax Assessment Act 1986.*1* *1* No. 39, 1986, as amended. For previous amendments, see Nos. 48 and 112, 1986; Nos 23 and 145, 1987; No. 139, 1987 (as amended by Nos. 11 and 78, 1988); Nos. 6, 78, 95, 97 and 153, 1988; Nos. 2, 11, 97 and 107, 1989; Nos. 37, 58, 60 and 135, 1990; Nos. 48, 100 and 216, 1991; Nos. 35, 92, 101, 118, 191, 210, 223 and 237, 1992; amd No. 17, 1993. TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - DIVISION 2 Division 2-Amendment relating to child care access
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - SECT 4 Exempt residual benefits
4. Section 47 of the Principal Act is amended by omitting subsection (8) and substituting the following subsection: "(8) If: (a) a residual benefit provided in respect of the employment of an employee arose out of priority of access, for a child or children of the employee, to: (i) a place that is an eligible child care centre for the purposes of any provision of the Child Care Act 1972; or (ii) family day care; or (iii) care outside school hours; or (iv) care in school vacations; and (b) in order to obtain that priority of access, the employer of the employee, or an associate of the employer, made a contribution under a program administered by the Department of Health, Housing, Local Government and Community Services; the residual benefit is an exempt benefit.". TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - SECT 5 Application
5. The amendment made by this Division applies to residual benefits provided on or after 1 July 1993. TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - SECT 6 Transitional (change of program name)
6. Subsection 47 (8) of the Principal Act (as in force immediately before the commencement of the amendment made by this Division) applies to residual
Back to Top
benefits provided on or after 1 July 1992 and before 1 July 1993 as if the reference in paragraph (b) of that subsection to the program known as Services for Families with Children were instead a reference to the Children's Services Program. TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - PART 3 PART 3-AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - DIVISION 1 Division 1-Principal Act
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - SECT 7 Principal Act
7. In this Part, "Principal Act" means the Income Tax Assessment Act 1936.*2* *2* No. 27, 1936, as amended. For previous amendments, see No. 88, 1936; No. 5, 1937; No. 46, 1938; No. 30, 1939; Nos. 17 and 65, 1940; Nos. 58 and 69, 1941; Nos. 22 and 50, 1942; No. 10, 1943; Nos. 3 and 28, 1944; Nos. 4 and 37, 1945; No. 6, 1946; Nos. 11 and 63, 1947; No. 44, 1948; No. 66, 1949; No. 48, 1950; No. 44, 1951; Nos. 4, 28 and 90, 1952; Nos. 1, 28, 45 and 81, 1953; No. 43, 1954; Nos. 18 and 62, 1955; Nos. 25, 30 and 101, 1956; Nos. 39 and 65, 1957; No. 55, 1958; Nos. 12, 70 and 85, 1959; Nos. 17, 18, 58 and 108, 1960; Nos. 17, 27 and 94, 1961; Nos. 39 and 98, 1962; Nos. 34 and 69, 1963; Nos. 46, 68, 110 and 115, 1964; Nos. 33, 103 and 143, 1965; Nos. 50 and 83, 1966; Nos. 19, 38, 76 and 85, 1967; Nos. 4, 70, 87 and 148, 1968; Nos. 18, 93 and 101, 1969; No. 87, 1970; Nos. 6, 54 and 93, 1971; Nos. 5, 46, 47, 65 and 85, 1972; Nos. 51, 52, 53, 164 and 165, 1973; No. 216, 1973 (as amended by No. 20, 1974); Nos. 26 and 126, 1974; Nos. 80 and 117, 1975; Nos. 50, 53, 56, 98, 143, 165 and 205, 1976; Nos. 57, 126 and 127, 1977; Nos. 36, 57, 87, 90, 123, 171 and 172, 1978; Nos. 12, 19, 27, 43, 62, 146, 147 and 149, 1979; Nos. 19, 24, 57, 58, 124, 133, 134 and 159, 1980; Nos. 61, 92, 108, 109, 110, 111, 154 and 185, 1981; Nos. 29, 38, 39, 76, 80, 106 and 123, 1982; Nos. 14, 25, 39, 49, 51, 54 and 103, 1983; Nos. 29, 38, 39, 76, 80, 106 and 123, 1982; Nos. 14, 25, 39, 49, 51, 54 and 103, 1983; Nos. 14, 42, 47, 63, 76, 115, 124, 165 and 174, 1984; Nos. 123, 1984 (as amended by No. 65, 1985); Nos. 47, 49, 104. 123, 168 and 174, 1985; Nos. 173, 1985 (as amended by No. 49, 1986); Nos. 41, 46, 48, 51, 109, 112 and 154, 1986; No. 49, 1986 (as amended by No. 141, 1987); No. 52, 1986 (as amended by No. 141, 1987); No. 90, 1986 (as amended by No. 141, 1987); Nos. 23, 58, 61, 120, 145 and 163, 1987; No. 62, 1987 (as amended by No. 108, 1987); No. 108, 1987 (as amended by No. 138, 1987); No. 138, 1987 (as amended by No. 11, 1988); No. 139, 1987 (as amended by Nos. 11 and 78, 1988); Nos. 8, 11, 59, 75, 78, 80, 87, 95, 97, 127 and 153, 1988; Nos. 2, 11, 56, 70, 73, 105, 107, 129, 163 and 167, 1989; No. 97, 1989, (as amended by No. 105, 1989); Nos. 20, 35, 45, 57, 58, 60, 61, 87, 119 and 135, 1990; Nos. 4, 5, 6, 48, 55, 100, 203, 208 and 216, 1991; Nos. 3, 35, 69, 70, 80, 81, 92, 98, 101, 118, 138, 167, 190, 191, 208, 223, 224, 227, 237 and 238, 1992; and No. 17, 1993. TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - DIVISION 2 Division 2-Amendments to improve the readability of section 78 of the Principal Act (which deals with deductions for gifts, pensions etc.)
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - SUB-DIVISION A Subdivision A-New section 78
TAXATION LAWS AMENDMENT ACT (No. 2) 1993
No. 18, 1993 - SECT 8
8. Section 78 of the Principal Act is repealed and the following section is substituted: Deduction for gifts, pensions etc. Objects "78.(1) The object of this section is to provide for the deductibility of certain gifts, contributions, pensions, gratuities and retiring allowances. Outline "(2) The following table sets out an outline of this section: Type of deduction Entitlement to deduction Valuation rules Ancillary provisions Gifts to certain funds, authorities or institutions (4), (5) (12) - Gifts to The Australiana Fund, libraries, museums or art galleries (6) (13), (14), (15) (16) Gifts to Artbank (7) (13), (14), (15) (16) Gifts of heritage properties to National Trust (8) (13), (14), (15) (16) Contributions to registered political parties
Back to Top
(9), (10) (17) - Pensions, gratuities or retiring allowances for ex-employees etc. (11) - -